December 29, 2016 / 4:30 PM / 9 months ago

Greek Piraeus Bank sells majority stake in Cyprus unit

ATHENS, Dec 29 (Reuters) - Greece’s largest lender Piraeus Bank said on Thursday that it had completed the sale of a majority stake in its Cyprus subsidiary to Holding M. Sehnaoui SAL for 3.2 million euros ($3.3 million), reducing its stake to 17.7 percent.

The divestment is part of Piraeus Bank’s EU-approved restructuring plan and will boost its core equity tier-1 capital by about 15 basis points, the bank said.

UBS advised Piraeus on the sale.

$1 = 0.9547 euros Reporting by George Georgiopoulos; Editing by Adrian Croft

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